The company has scrapped a loophole which allowed investors via certain platforms to use the institutional share class with no minimum investment. Anyone putting in less than £5 million will now have to use the more expensive Platform 1 (P1) clean share class.

'The institutional share class is for investors or large individual investors investing a minimum of £5 million. Institutional investors deal at a slight discount to retail investors because of the economies of scale associated with the larger sums involved by institutional clients,' a spokesperson for SLI said.

'We have no plans to stem flows or soft close our Gars fund. The fund remains fully open to new business via all distribution channels,' they added.

Gars, which surpassed the £30 billion mark at the end of last year, is headed by Citywire A-rated Guy Stern (pictured). It aims to deliver an absolute return over rolling 12-month periods, with a target return of cash + 5% per annum (gross of fees) over rolling three-year periods and at the end of 2013.

In the five years to the end of November the retail version of the fund has returned 59.2% and is the best performer in its Alternative Ucits - Multi Strategy peer group by 34%.

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